Tesla launched an order configurator in Singapore. The prices that the manufacturer published amazed not only customers but also crushed competitors, both among electric vehicles and their gasoline counterparts. Apparently, buying Model 3 will be one of the most attractive and cost-effective options.
The first model to be launched in Singapore was Model 3 Standard Range and Performance. Tesmanian yesterday published the approximate prices at which it seemed possible to buy these electric cars. They could be priced for sale in Singapore from SGD $145,000 to SGD $215,000 respectively. These prices would allow Model 3 to be purchased at a better price than Toyota Camry.
However, when Tesla launched the order configurator, the prices hit consumers and shocked the competition. They turned out to be even more significantly lower than expected. For Model 3 Standard Range, taking into account the estimated duty, registration fees and rebates, it will cost only SGD $112,845 (around US $85,000), which is more than SGD $30,000 lower than previously estimated.
Model 3 Performance will cost customers SGD $154,815 (around US $116,600), over SGD $60,000 less than anticipated.
All-electric vehicles sold in Singapore are eligible for the EV Early Adoption Incentive (EEAI) program for the next three years from January 1, 2021, to December 31, 2023. By officially registering a Tesla, consumers can receive a 45% rebate from the Additional Registration Fees (ARF), which is currently set at a maximum of SGD 20,000. EEAI applies to personal purchases, and purchases by taxis or rental companies.
To further advance the introduction of cleaner vehicles, the Singapore government has improved vehicular emissions schemes (VES). From January 1, 2021, to December 31, 2022, the extended VES discounts for clean vehicles in the A1 and A2 ranges were increased to SGD $25,000 and SGD $15,000. As Tesla vehicles are pure electric they qualify under bands A1 or A2 (model dependent) and are eligible for a rebate of SGD $25,000 or SGD $15,000 when order and delivery occur within the scheme effective period.
Commenting on Tesla’s posted prices, Singapore University of Social Sciences transport economist Walter Theseira said that the Singapore car market has some of the highest dealer gross margins in the world, the Straits Times reports.
"Tesla's pricing appears to be extremely competitive and a vehicle with similar OMV from an established authorized luxury dealer would probably be priced several tens of thousands more."
Thus, it becomes obvious that Tesla did not just enter the Singapore market, but intends to completely conquer it.
© 2021, Eva Fox. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.